Michael Lewis's FTX 'Robin Hood' has enraged crypto investors

Michael Lewis's FTX 'Robin Hood' has enraged crypto investors

Nearly a year on, the collapse of crypto exchange FTX - and on the eve of co-founder Sam Bankman-Fried's trial - author Michael Lewis has enraged those in finance and crypto alike.

The portrait of Sam Bankman-Fried by Lewis was a heartwarming portrait. In an interview on CBS's 60 Minutes on Sunday, the writer made Bankman-Fried out to be an unfortunate Robin Hood who stumbled into the multi-billion-dollar collapse of FTX last year.

They would still be sitting there making tons of money, Lewis said. Sam Bankman-Fried, who pleaded not guilty to the charges, sincerely thinks he's innocent.

Lewis chronicles Wall Street characters in s Poker, and his latest book, 'S poker. '

The reaction from the interview'really shows that when it comes to FTX, crypto and traditional finance are really aligned,' Sean Tuffy, a regulation expert and former Citigroup executive, told DL News.

t a fraud and was just undone by market rumours, Tuffy said, referring to Lewis comments that FTX was a good business, ultimately undoned by a run on deposits.

Short seller Jim Chanos, a long-term investor, likened the comments to Enron, the energy company he sounded the alarm of fraud on more than twenty years ago.

T for those meddling short-sellers and journalists causing a run-on-the-bank, we would've been fine,' Chanos wrote on X, formerly Twitter.

The total debt of a company is greater than its total assets, while illiquidity is a company that does not have enough liquid assets to cover its current debts.

The natives of crypto have a degree of agreement. The comments were branded by Mike Dudas, founder of The Block, while Messari's Ryan Selkis said he was infuriated by the interview.

The book is a kind of letter to the jury, Lewis said, before adding that there's going to be a'story war going on in the courtroom' between the prosecution and the defence.

Lewis said he was confident it would be possible to make a better future by addressing the public's concerns.

Sam Bankman-Fried met Lewis two years ago at the behest of a friend who wanted to invest with him, he took him on a hike in Berkeley Hills California - his jaw was on the floor the entire time.

Lewis, the newly minted billionaire, had no interest in splurging his money on yachts, he wanted to'spend it to save humanity from extinction,' Lewis said.

The conversation put him on Red Alert, and he didn't know what it was, but he knew something was going to happen to Sam Bankman-Friend. He did exactly that, followed him around for the next two years, which culminated in the multi-billion dollar collapse of FTX and its trading arm Alameda Research last November.

Lewis's book is slated for release on October 3, the same day Sam Bankman-Fried's trial will begin.

The one-time Wall Street trader and cryptocurrency founder's charges include securities fraud, wire fraud and money laundering.

Adam Morgan McCarthy, a London-based Markets Correspondent at DL News, is the co-founder of the London-based Markets Correspondent.